Local News

Toyota Kyushu revealed that it expects to post both operating and current losses of at least 10 billion yen on its non-consolidated account for the year ending March 2009. On this announcement, the city of Miyawaka, Fukuoka Prefecture, where the company is located, said that the nearly 700 million yen in taxes it had projected to receive from the company would by slashed to nearly 30 million yen. This accounts for a large portion of the city’s tax revenue, and the loss of revenue will have a serious impact on the city’s finances.